All Forum Posts by: Account Closed

@Nicole W I had that happen to me once. I had just replaced the fascia and soffits on the property when the tenant informed me of a leak from the top of the window in their bathroom, which is on the side of the building. I did some of the same things as you trying to determine where the leak was coming from. Finally I walked around to the back of the building and noticed that part of the fascia was not nailed in tight and the water was getting in there and then running on the inside of the soffit around the corner until it made its way into the wall and through the top of the window. Two nails later and my problem was solved. 

It might be worth taking a look to make sure nothing is lose in your fascia and soffits, but beyond that I don't have any idea what could be causing your problem. At least this real estate game is always interesting.

Pay off any personal debts that you have to allow you to save even more each month. If you're already debt free then continue to save until you'd have enough to put down on a property or partner with someone.

I have used this before with different pests and have had success.

I also started spraying the perimeter of my properties this year every few months and had a drastic reduction in the number of pest related phone calls I received.

For my first three properties I was able to get a loan in the name of my LLC. This was done with a local credit union. The only catch was they were 5 year ARM's. When I purchased my next property and refinanced my first three into 15 year fixed rate mortgages I was required to put all of the loans in my name, not the LLC. This was done through a larger bank. Like @Mike S said, shop around and talk to a smaller local bank in your area to see what they can do for you.

@Max M.  What Nicole said is right on the money. Like successful people in any profession, they keep working because they love it and have a passion for it. Take Warren Buffet for example. He obviously doesn't need to work another day in his life, but he does because he enjoys the challenge of winning in the stock market.

A lot of people who end up successful started doing what they do as a hobby or part time and now do it full time. You mentioned at length in your introductory thread how you spend tons of time playing online games because you love doing that. If you got paid to do it, wouldn't you play even more or find ways to expand your gaming?

There are other people who are just wired that way. While I'm not one of those high income earners yet, I don't have an off switch. I just keep working and find it hard to sit down and relax for extended periods of time. Some people just have that mindset of constantly working and never taking their foot off the gas. 

Finally, the more you earn the more you can give. I'd love to be one of those high income earners you mentioned and be able to write some large checks to charities and causes that I care about.

@Matt Heath There aren't monthly fees for LLC's. I'm also in Wisconsin and set mine up through legal zoom. Aside from the initial fees and costs of creating the LLC there is an annual filing fee with the state of $25.00. There is also an annual fee of $144.00 if you want legal zoom to act as your registered agent. (A registered agent is a responsible third-party who is registered in the same state in which a business entity was established and who is designated to receive service of process notices, correspondence from the Secretary of State, and other official government notifications, usually tax forms and notice of lawsuits)

You aren't required to have them act as your registered agent so aside from the initial cost, which varies depending on who you use to set it up, there is only the $25.00 annual fee with the state.

Hope that helps. Good luck!

I have always enjoyed working on projects, building and fixing things so when I first started buying properties I looked for ones that needed a lot of work that I could fix up. In addition to building the sweat equity, I was enjoying doing the work and also fixing up run down properties in the city I grew up in and love so I got a sense of pride out of that. 

Fast forward a few years and I got married. Now my priorities are a little different and I would rather spend time with my wife than paint a bathroom. Nowadays I look for places that need minimal work so I can still enjoy a project or two and still get to spend time with my loved ones. 

If you want to spend a lot of time fixing a place up then by all means do it. If you would rather spend more time managing properties or having more free time for other ventures then get something a little more turn key. As long as you're making some money on the deal do what makes you happy. Life's too short

@Lucas Wagner If I end up leaving Madison I'd be looking to head back up to Green Bay so that wouldn't be convenient to own property in Dubuque. 

When I was in college in Platteville I dated a girl from Dubuque so I spent a decent amount of time there. Maybe it was just the area she lived in, but I always thought Dubuque was kind of a dumpy town.  Nice enough people there, just older and run down. Its definitely more affordable than Madison is though.

@Zach Chappell  I am currently living in Madison and I too was looking to start buying properties here, but also realized that without a very large down payment it was difficult to find a property that cash flowed the way I wanted it to. I have a coworker that bought two multifamily properties downtown near the UW campus and based on what he paid I have no clue how he even comes close to breaking even every month so I understand your frustration and difficulty finding a decent place here in Madison. 

Even the single family homes my wife and I have been looking at are so expensive that we are probably going to be leaving the area within the next couple of years just so we can get a bigger bang for our buck and have a lower cost of living. Unfortunately for you and me the Madison market is just expensive and in my opinion, overpriced. If I end up staying here, I would look at an owner occupied duplex. Perhaps that would be a good place for you to start. In the very least it would allow you to lower your monthly living expenses and save more for the next purchase.

I'm originally from Green Bay so that is where I decided to invest. Real estate prices are a lot better and I have a lot of friends who are now contractors so that helps with a lot of the maintenance and rehab. Any particular reason why you are looking at the Milwaukee market or is it just because its cheaper than Madison and not too far away?

Good luck!

-Garrett

@Ryan Dossey Congrats on the purchase. Aside from these two properties did you have a lot of other interest from your DM campaign?